Mortgage Comparison with Prepayments Calculator (Canadian)

Determining which mortgage provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a mortgage. By comparing these important variables side by side, this calculator can help you pick the mortgage that works best for you. Click on the "View Report" button to see the results in detail.

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The number of years over which you will repay this mortgage. The most common amortization for mortgages are 20 years and 25 years.

Payment type

The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and semi-monthly 24

Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your mortgage payoff by going directly against your mortgage's principal. The effect can save you thousands in interest and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

Equivalent monthly payment

The amount that you are effectively paying each month for this mortgage. For loans with monthly payments, this is simply the monthy payments. For all other payment types, this is the sum of your payments for one year divided by 12.

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applicability or accuracy in regards to your individual circumstances. All
examples are hypothetical and are for illustrative purposes. We encourage you
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